Japan’s economy contracted 0.4% in the last quarter of 2023, falling behind Germany to become the world’s fourth largest. Though growing 1.9% in 2023, Japan was impacted by a 2.9% drop in the previous quarter and yen depreciation. With a $4.2 trillion GDP compared to Germany’s $4.4-4.5 trillion, Japan slid in rankings due to declining demographics, productivity and competitiveness.
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